SB1411 Summary

• Amends the Illinois Insurance Code to define "catastrophic event" as a Governor-declared disaster causing deaths, injuries, extensive damage, and overwhelming demand on state and local resources, with declarations effective for 90 days and renewable for 30-day intervals.

• Allows individuals who fail an examination by 10 percentage points or less to reschedule within 7 days instead of waiting the standard 90 days.

• Caps public adjuster compensation at 10% of insurance settlement amounts for claims arising from catastrophic events.

• Extends the contract rescission period from 5 business days to 10 calendar days for public adjuster contracts executed during a catastrophic event declaration, with rescission period requirements displayed in bold, 10-point minimum font.

• Requires public adjuster contracts to be executed in duplicate, provided to both parties, and made available for inspection by the Department of Insurance without notice.